Telefonica To Unload Irish Unit For $1B To Trim Debt

Law360, New York (June 24, 2013, 2:03 PM EDT) -- Spain's struggling Telefonica SA will sell its Irish business to a subsidiary of Hong Kong holding company Hutchison Whampoa Ltd. in an €850 million ($1.1 billion) deal that will chip away at the company's massive debt pile and inject new cash into its reserves, Telefonica said Monday.

Under the deal's terms, Hutchison will pay €780 million up front, and follow up with an additional €70 million payment if Telefonica's Irish unit, which provides mobile and other telecommunications services to Irish subscribers, meets certain goals. The companies...
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